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Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2016
Restructuring and other charges [1] $ 1.6 $ 3.5
Depreciation and amortization expense   161.2
Inventory reserves   7.0
Charge related to Venezuelan subsidiaries [1]   $ 46.0
Additional diluted weighted average shares due to early adoption of accounting standard [2] 196,700,000 197,500,000
Income tax provision (benefit) due to early adoption of accounting standard $ 9.5 $ 92.8
Accounting Standards Update 2016-09 [Member]    
Additional diluted weighted average shares due to early adoption of accounting standard 377,130 370,090
Income tax provision (benefit) due to early adoption of accounting standard $ (1.8) $ 12.4
Accounting Standards Update 2016-09 [Member] | Restatement Adjustment [Member]    
Additional diluted weighted average shares due to early adoption of accounting standard 377,130 370,090
Income tax provision (benefit) due to early adoption of accounting standard $ 1.8 $ 12.4
Earnings per common share net increase due to early adoption of accounting standard $ 0.01 $ 0.06
[1] Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.
[2] The Company early adopted ASU 2016-09 on a prospective basis as required, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional 377,130 and 370,090 diluted weighted average number of common shares outstanding for the three and nine months ended September 30, 2016, respectively, and recognition of excess tax benefits of $1.8 million and $12.4 million in income tax provision for the three and nine months ended September 30, 2016, respectively. As a result, net earnings per common share increased by $0.01 per share and $0.06 per share for the three and nine months ended September 30, 2016, respectively. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.